Study: More frequently, today's renters are former homeowners

With all the turmoil the single-family housing market has endured, it’s no surpise to see how many more people are choosing to rent apartments. A new survey by Apartments.com offers deeper insight into the phenomenon.

Noting that the average monthly apartment rent in the U.S. was $1,048 in the fourth quarter of 2012 — up 3.8 percent from 2011 — the researchers went on to ask renters what’s driving the shift, and found that a growing number of them are former homeowners.

Last year, 33.6 percent of renters had owned a home at one point. In the current survey, that rose to 35.1 percent, and more of them said they could not keep up with expenses tied to homeownership, more lost their home due to foreclosure or divorce, and fewer said they relocated for employment.

It’s also clear, however, that even renting is causing an increasing financial burden, the study found.

Asked why they chose to rent, the former homeowners offered five leading reasons:

1. Renting is a more affordable option: 22.2% (down from 26.3% in 2012)
2. Flexibility renting offers in choosing where to live: 15.7% (down from 21.2% in 2012)
3. Can’t afford to keep up with the expenses associated with homeownership: 14.2% (up from 10.5% in 2012)
4. To relocate for employment: 13.3% (down from 20.5% in 2012)
5. Lost home due to foreclosure or divorce: 11.2% (up from 5.9% in 2012)

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